Beijing | China’s consumers continued their borrowing binge last year, even as growth in incomes lagged, driving the country’s household debt-to-disposable income ratio to a record and prompting a warning from the central bank about the need for tougher action to ward off risks.

Outstanding household loans jumped 18.2 per cent to 47.9 trillion yuan ($10 trillion), a growth rate 7.5 percentage points higher than that of nominal disposable income, according to data in the People’s Bank of China’s (PBoC) annual Financial Stability Report (FSR).

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